Best Cancer Health Insurance Plans in 2022

Aditya Birla Health Insurance- Activ Secure- Cancer Secure Plan:

• Key Highlights:
  
• All 3 stages of cancer are covered- Early, Major and Advanced stages.
• Coverage for up to 150% of the sum insured
• 10% cumulative bonus for every claim free year
  
• Sum Insured Options: Rs. 5 Lakhs to Rs. 1 Crore
  
• Cancer Care Cover: Early : 50% Sum insured, Major: 100% sum insured, Advanced: 150% sum insured.
  
• Initial waiting period: 90 days (180 days for early stage)
  
• Survival period: 7 days
  
• Cancer cumulative bonus: 10% per claim free year, maximum 100% of sum insured
  
• Second E opinion: Available
  
• Wellness Coach: Available
  
• Payout Option: Lumpsum
  
• Age Criteria: Minimum entry age- 18 years, Maximum entry age- 65 years
  
• Tenure: 1/2/3 years
  
• Relationships covered: Self, Spouse, up to 4 children, up to 2 parents & parents in law
  
• Sum insured eligibility: Earning member- up to 12 times of annual gross income, Non-earning spouse- 50% of the proposer’s sum insured/eligibility or 30 Lakhs whichever is lower, Non-earning parent/parent in laws- 50% of the proposer’s sum insured/eligibility or 10 Lakhs whichever is lower, Children- 50% of the proposer’s sum insured/eligibility or 15 Lakhs whichever is lower.

Major Exclusions:

• Sexually trasnmitteed disease or HIV/AIDS
• Influence of intoxicating drugs or liquor
• Suicide or attempted suicide, intentional self injury
• Congenital external diseases, defects or anomalies
• Insured person committing any breach of law
• Birth control procedures and hormone replacement therapy

A cumulative bonus of 10% per claim free year is added to the policy with a maximum of 100% of the sum insured. The complete sum insured would be provided to the policy holder in case of diagnosis with cancer depending on the stage of the cancer.

ICICI Prudential – Cancer Protect:

• Key Benefits:
  
• A discount of 5% can be availed on the first year’s premium if the product is purchased for self and spouse. The discount would not be applicable from second year onwards.
  
• Existing customers of ICICI prudential life insurance company can avail a  discount of 5% on the first year’s premium. The discount would not be applicable from second year onwards.
  
• Claim Payability: A lump sum amount would be paid to the insured customer on diagnosis of any of the listed conditions in the policy document based on the level of the condition as mentioned below:-

Minor condition- 25% of the sum assured payout

Major condition- 100% less earlier minor condition claim payouts, if any

The insured customer can claim for minor conditions multiple times as long as the total payout does not exceed 100% of the sum assured of the chosen cover.

• Waiver of premium: On diagnosis of any of the listed minor conditions or in case the insured customer suffers permanent disability due to an accident, all future premiums payable under the policy would be waived off by the insurance company and the policy would continue.

• Hospital benefit cover:

A daily hospitalization cash benefit of Rs.5000 for continued hospitalization of more than 24 hours due to any of the listed conditions under the cover chosen by the insured customer. The benefit amount is fixed and is payable subject to a maximum limit of ten days per policy year and 30 days over the policy term.

• Increasing cover benefit: The sum assured would increase by 10% simple interest for every claim free year. The maximum sum assured under increasing cover benefit is limited to 200% of the sum assured chosen at the inception of the policy.

• Income benefit: 1% of the sum assured chosen at the inception of the policy will be payable for each month for a period of 5 years on diagnosis with any of the major conditions under the cover. This benefit is given over and above the basic lump sum amount payable under the policy.

• Conditions covered:
  
• Early stage cancer
  
• Cancer of specified severity
  
• Carcinoma-in-situ of any organ (except skin)

• Entry age: Minimum – 18 years and Maximum – 65 years

• Maturity age: Minimum – 23 years and Maximum- 75 years

• Policy term: Single pay – 5 years & Regular pay- 5 to 40 years

• Premium payment options: Single pay and regular pay

• Premium payment term: Single pay- Single payment term, Regular pay- Same as policy term.

• Minimum sum assured: Rs. 2 Lakhs

• Maximum sum assured: Rs. 50 Lakhs

• Premium payment modes: Single, Yearly, Half-yearly and Monthly.

• Surrender value: Surrender value is available for single premium policies only. The surrender value is calculated with the below formula

Surrender value = Single premium * Surrender value factor

The bases for computing surrender value factors will be reviewed from time to time and then decided by the Insurance regulatory and development authority of India.

The policy can be enhanced with the add-ons such as Hospital benefit, increasing cover benefit and income benefit on payment of additional premium to the insurance company. The add-ons would normally be available as per the policy term of the base policy.

HDFC Life- Cancer Care:

• Key Benefits:

• Cover for early and major stage cancer.
• Lumsum claim settlement benefit on diagnosis of major or early stage cancer
• No medical check ups required as the policy is issued on the basis of a short medical questionnaire.
• Future premiums for next 3 policy years will be waived off on receiving a valid claim of cancer diagnosis
• Income benefit for next 5 years under the platinum option

• Claim Payability: Early stage diagnosis- 25% of the applicable sum assured, Major stage- 100% less any claims made for early stage.

• Age criteria: Minimum age- 5 years and Maximum age- 65 years.

• Term of the policy: Policy term between 5 years to 85 years.        

• Sum assured: Minimum sum insured- Rs.10 Lakhs, Maximum sum insured- Rs. 50 Lakhs.

• Premium payment modes: Annual, Half yearly, Monthly or Quarterly mode of payments are available.

• Discounts on premium: Online policies are provided with a discount of 5.5% of premium.

• Death benefit: No death benefit is payable under the policy, only cancer related benefits are payable.

• Maturity benefit: There is no maturity benefit payable under the policy

• Surrender benefit: There is no surrender value available under the policy

• Waiting period: 180days waiting period is applicable from the date of commencement of the policy or the date of reinstatement of cover.

• Survival period: 7 days survival period between the date of diagnosis of the policy and the date of eligibility for a benefit payment would be applicable.            

HDFC ERGO- Ican

• Key Benefits:
  
• Second opinion: The insured customer would have an option to request for a second opinion on first diagnosis of cancer. This benefit would be provided by the company’s panel of doctors having access to artificial intelligence, deep analytics and cognitive software.

• Criticare benefit: 60% of the sum insured would be paid as lump sum benefit over and above the base sum insured, if the insured is diagnosed with cancer of specific severity as mentioned in the policy schedule. The benefit is available for ages above 18 years and is payable only once in a policy lifetime.

• Family care benefit: 100% of the sum insured would be paid as lump sum benefit over and above the base sum insured, if the insured is diagnosed with either Advanced metastatic cancer (Stage IV) or Recurrence of cancer.

• Sum insured options: Rs. 5 Lakhs to Rs. 50 Lakhs

• Pre & Post hospitalization: 30 days and 60 days

• Emergency ambulance: Up to Rs.2000 per hospitalization

• Followup care post treatment: Up to Rs.3000 twice per year

• Advanced treatments: Available as an optional benefit under the policy

• Age criteria: Minimum age – 5 years/ 18 years for adults, Maximum age- 65 years.

• Waiting period: An initial waiting period of 120 days is applicable from the date of commencement of the policy or the date of reinstatement of cover.

• Sum insured enhancement: Sum insured can be enhanced only at the time of renewal subject to underwriting as per the plan. In case of increased sum assured the waiting period would be applicable only to the increased sum assured.

• Life long renewal: The policy comes with the option of lifelong renewal regardless of the health status of the insured customer or the claims under the policy.

• Free-look cancellation: A free-look period of 15 days is offered under the policy during which the insured customer can cancel the policy if he/she is not satisfied with the policy for whatsoever reason. The refund of premium would be made after adjusting the amount spent on medical checkup, stamp duty charges and proportionate risk premium.

• Grace period: A grace period of 30 days is provided under the policy to renew before the lapsation of the policy.

• Exclusions:
  
• Any treatment other than cancer
• Pre-existing conditions for cancer for which the insured had existing signs and symptoms and or was diagnosed and or receieved consultation.
• Non allopathic treatment
• Prosthetic or any other devices which are self-detachable/ movable without surgery involving anesthesia.
• Treatments availed outside India or at a healthcare facility which is NOT a hospital.
• Congenital external diseases, defects or anomalies.